JSE higher on positive news

Positive domestic and international news helped the JSE push higher on Tuesday‚ with it recording broad-based gains.

The rand was up‚ but miners pushed higher regardless‚ as investors revised their demand for commodities upwards.

The all share gained 0.88% to 57‚054.8 points and the top 40 rose 1.01%.

Platinum stocks leapt 4.84% and resources 2.64%‚ with general retailers adding 0.94%.

Global markets were positive‚ after Chinese officials unveiled massive infrastructure spending and stimulus plans earlier‚ widely seen as a means to combatting increasing restrictions by the US on trade.

The policy environment for China was challenging‚ but Beijing had more policy tools at its disposal‚ and authorities had become more co-ordinated in their approach to fiscal‚ monetary and foreign-exchange policies‚ BlackRock’s global chief investment strategist Richard Turnill said.

Domestic data‚ however‚ was less positive‚ with South Africa’s coincident business cycle indicator for April – the first month of the second quarter – falling to 101.9 index points from 103 in May.

The rand also brushed off a surprise move by the Turkish central bank to keep interest rates on hold.

Diversified miner Glencore gained 4.46% to R57.40‚ Anglo American 4.33% to R295.10 and BHP 3.92% to R297.02.

Kumba Iron Ore firmed 2.9% to R299. – BusinessLIVE